Australian households are enduring the largest annual increase in living costs in more than two decades as multiple interest rate hikes and soaring food prices place pressure on the family budget. 9News
in more than two decades as multiple interest rate hikes and soaring food prices place pressure on the family budget.
Self-funded retirees saw annual living costs increase by 7.6 per cent, the largest since 1999, while age pensioners saw their costs rise by 7.3 per cent. "Mortgage interest charges for employee households rose 26.6 per cent over the quarter, and 61.3 per cent over the year, with banks passing on the Reserve Bank of Australia's cash rate rises to interest rates for both variable and new fixed rate home loans."Housing costs - such as servicing a mortgage or paying a utility bill - have skyrocketed in the past 12 months.
"Annually, food prices rose between 9 and 10 per cent, driven by rises for meals out and takeaway foods, and fruit and vegetables," she said.
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